For the banks, it’s no more Mr Nice Guy

Mark Carney, the governor of the Bank of England, came clean this week about his career plans and the prospects for the economy. He will not be returning to Canada until June 2019, and he believes that the outlook for UK Plc is brighter than he expected in the summer.

Mr Carney was less specific about the next move in interest rates, which could be up, or down, since it is possible to “envisage scenarios where either direction would be merited”. Yet if inflation accelerates more rapidly than expected, rates may be raised because, as the Bank puts it, “there are limits to the extent to which above-target inflation can be tolerated”.

You do not need to read between the lines to know what lies…

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